Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month. The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament, though ebbing oil output at mature fields and refinery problems towards the end of the year are likely to have crimped shipments. Asia remained PDVSA's top market last year as Venezuela has sought to diversify away from North America, though shipments to Asia clocked a roughly 8.3 percent drop to 953,000 bpd. Exports to North America fell about 4.8 percent to 837,000 bpd and those to Latin America dropped 8.5 percent to 418,000. European deliveries increased 11.9 percent to 132,000. Exports to regional allies under favorable terms dropped last year, part of a trend of Venezuela cutting back on such deliveries amid a severe economic crisis at home. Around 77,000 barrels per day were sent to key ally Cuba, the report said. It did not provide comparative data, but the figure suggests shipments to the Caribbean island have dropped significantly. Likewise, exports under regional cooperation agreements such as Petrocaribe fell to 101,000 bpd last year from around 122,000 in 2013.
Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations. “Consolidated PAT for Q2FY16 increased by 16 per cent to Rs. 667 crores as against Rs. 574 crores in Q2 FY15,” APSEZ spokesman said. It had reported net profit of Rs. 573
Container cargo numbers improved slightly at the Port of Long Beach in May, rising 0.8 percent compared to the same month last year when the docks were still busily catching up after several months of congestion. With cargo volumes near all-time peak levels, May’s 640,566 TEUs qualified the month as the second-busiest May in the port’s 105-year history. Imports were up 1 percent to 330,639 TEUs, exports were up 2 percent to 138,594 TEUs
State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins. The company, which exports diesel and gasoline to markets in the southeastern Mediterranean and the Balkans
United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner. The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet
Maritime Exchange for the Delaware River and Bay President Dennis Rochford has announced the tristate port vessel arrival statistics for the first six months of 2016. “On top of last year’s increase in vessel arrivals over 2014 activity
Pollution around the Port of Long Beach has been dramatically cut over the last decade, however, according to the latest study, lingering effects from ships at anchor in early 2015 impacted air quality last year. The 2015 annual inventory of port-related air emissions
Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million. A statement from the company says credit facility is already operational
A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Two major factors have lowered VLGC rates in recent times: excessive fleet growth and weak
In June this year, the Singapore Exchange (SGX) introduced sustainability reporting on a ‘comply or explain’ basis. To assist and encourage the maritime sector to embrace the new requirement for Sustainability / Integrated reporting
In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap.
A.P. Moeller-Maersk A/S, in its strategic review, is considering several options including a two-way split into an energy and a transport company, says a Bloomberg report. According to Danish daily Berlingske, the shipping group is likely to break up into transportation and energy
Mitsui O.S.K. Lines, Ltd. today earned recognition from the ports of both Los Angeles and Long Beach, California, for its efforts to ensure compliance with standards that call for vessels to slow down within 40 nautical miles (nm) of the shore.
In contrast to an international downturn, French port Marseille Fos has reported exceptional results for July with 7.8 million metric tons of cargo and 387,000 passengers – up by 18.6 percent and 13 percent respectively on the same month last year.
DP World, one of the world's largest port operators, reported a 50 percent leap in net profit for the first half of this year on Thursday, helped by the acquisitions of the Dubai's Jebel Ali Free Zone and Canada's Fairview Terminal. The company made a profit attributable to shareholders of $608
Today South Carolina Ports Authority reported 2016 fiscal year-end operating earnings of $39 million, revenues of $211 million and operating expenses of $172 million. "The Port closed the FY2016 books with solid financials, reflecting our commitment to achieving the necessary
A steep rise in refinery capacity in the Middle East, the world’s crude oil production hub, will diminish oil trade growth and with it prospects for tanker shipping, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry.
While the shipping industry struggles through a historic downturn, ship scrapping business is seeing accelerating demand, reports WSJ. The global economic slowdown is putting shipping through its most bruising period since the 2008 financial crisis.